blocking a scheme of arrangement, page-12

H,

Thanks for the update.

TP - didn't mean to shout, just exasperated! lol

This has certainly without doubt destroyed shareholder value in my mind. The biggest driver of value was going to be PEL 6, which could (COULD nothing is certain) have lead to a significant re-rating of the company in the short term. That re-rating (IF things work out well) will now not only be subject to signifcant dilution because of the increased number of shares if this debacle goes ahead, but also because in my view a back room deal has been done with ESG to offload the subsequent value of that asset for something that may well be below market value. This is conjecture on my part. Trust me - will be more than happy to be proven wrong!!!

JT